Blog Post

The cryptocurrency market has hit a pivotal point in June. Major cryptocurrencies are currently working on deploying upgrades aimed at enhancing investors’ and miners’ experiences. There are plenty of upcoming upgrades from major cryptocurrency players such as Ethereum, Bitcoin, and Ripple. They are all set to roll out upgrades into the market soon. Cryptocurrency adoption has also slightly hiked with an increase in institutional investing from major financial players such as Goldman Sachs, Huobi, etc. 2018 seems like a good year for cryptocurrencies and the blockchain in terms of technological improvement. For instance, plans are underway to build and launch a blockchain-powered smartphone that will have a built-in wallet and support for cryptocurrency protocols. This is a work-in-progress that intends to bring coins closer to retail investors looking to enter the market.

Market Analysis of the Top 10 Cryptocurrencies Dominating the Crypto-Market

We conducted a June analysis of the top ten cryptocurrencies ranked by their market capitalizations according to data acquired from CoinMarketCap.com. The crypto-assets appear as follows:

Bitcoin

Ethereum

Ripple

Bitcoin Cash

EOS

Litecoin

Stellar

Cardano

IOTA

Tether

Recently, the market cap was at around $255.3 billion (a number which fluctuates quite often). This is a significant reduction in a span of 6 months, which can be largely attributed to the SEC’s (Securities and Exchanges Commission’s) involvement in the ICO environment. It’s also worth noting that there has been a significant change in the last 5 cryptocurrencies on the list compared to last month. Cardano, which previously occupied the 8th position is now at the 5th position while Litecoin dropped one position lower from 5th to 6th. TRON, which previously occupied the 9th position on the top 10 list, was replaced by IOTA.

Bitcoin

On the 1st of June, 2018, the price of Bitcoin in the market opened at $7,500.70 hitting a high of $7,604.73 and a low of $7,407.43 and closing the day at a price of $7,541.45. The 24 hour trading volume as of June 1st was $4,921,460,000 with a market cap of $128,014,000,000. As of the 26th of June, 2018, the price of Bitcoin was valued at $6,248.93 with a 24-hour trading volume of $5,552,640,000 and a market cap of $106,955,592,317.

Ethereum

On the 1st of June, 2018, the price of Ethereum in the market opened at $578.67, hit a high of $589.09 and a low of $567.07 and closed the day at a price of $580.04. The 24-hour trading volume as of that day was $1,945,890,000 with a market cap of $57,745,700,000. As of the 26th of June, 2018, the price of Ethereum was valued at $457.81 with a 24-hour trading volume of $4,167,840,000 and a market cap of $45,921,126,479.

Ripple

On the 1st of June, 2018, the price of Ripple in the market opened at $0.612893. During the day, it hit a high of $0.624824 and a low of $0.609069 and eventually closed the day at $0.623364. On that same day, it had a 24-hour trading volume of $263,088,000 and a market cap of $24,019,200,000. As of the 26th of June, 2018, the price of Ripple went for $0.479767 with a 24-hour trading volume of $230,552,000 and a market cap of $18,836,652,469.

Bitcoin Cash

On the 1st of June, 2018, the price of Bitcoin Cash opened the day at a market price of $995.66. During the day, it hit a high of $1,010.34 and a low of $979.83 and closed the day at a price of $1,084.78. During that day, it had a 24-hour trading volume of $689,121,000 and a market cap of $17,217,400,000. As of the 26th of June, 2018, the current price of Bitcoin Cash was at $749.93 with a 24-hour trading volume of $451,254,000 and a market cap of $12,901,745,761.

EOS

On the 1st of June, 2018, the price of one EOS opened at a market value of $12.29. During the day, it hit a high of $12.40 and a low of $11.99. It eventually closed the day at a price of $12.31 with a 24-hour trading volume of $1,058,150,000 and a market cap of $10,956,700,000. As of June 26th, 2018, the price of EOS went for $8.12 with a 24-hour trading volume of $854,108,000 and a market cap of $7,272,324,821.

Litecoin

On the first day of June, 2018, the value of Litecoin opened the market at a price of $118.03. During the day it hit a high of $120.20 and a low of $117.12. It eventually closed the day at a market price of $119.92 with a 24-hour trading volume of $1,058,150,000 and a market cap of $6,701,530,000. As of June 26th, 2018, the price of Litecoin went for $81.80 with a 24-hour trading volume of $435,929,000 and a market cap of $4,674,243,960.

Stellar

On the 1st of June, 2018, the price of one Stellar opened the market at a price of $0.296535. During that same day, it hit a high of $0.299187 and a low of $0.283216. It eventually closed at the price of $0.290022 with a 24-hour trading volume of $62,207,300 and a market cap of $5,509,350,000. As of June 26th, 2018, the price of Stellar was valued at $0.195153 with a trading volume of $39,241,000 and a market cap of $3,661,081,420.

Cardano

On the 1st of June, 2018, the price of one Cardano opened the market at a price of $0.224533. It hit a high of $0.229184 and a low of $0.216955. It eventually closed the day at a price of $0.222507 with a 24-hour trading volume of $130,538,000 and a market cap of $5,821,490,000. As of June 26th, 2018, one Cardano went for the price of $0.133613 with a 24-hour trading volume of $56,289,000 and a market cap of $3,464,193,676.

IOTA

On June 1st, 2018, the price of IOTA opened the market at a price of $1.76. During the same day, it hit a high of $1.94 and a low of $1.72. It eventually closed the end of the day with a price of $1.93 with a 24-hour trading volume of $145,124,000. As of the 26th of June, 2018, the price of IOTA stood at $1.01 with a 24-hour trading volume of $55,564,000 and a market cap of $2,802,906,133.

TRON

On the first day of the month, the price of TRON opened the market at a price of $0.060613. During that same day, it hit a high of $0.061605 and a low of $0.056416. It eventually closed the day at a price of $0.058707 with a market cap of $3,985,160,000 and a 24-hour trading volume of $268,287,000. As of the 26th of June, 2018, the price of TRON was at $0.041203 with a market cap of $2,708,986,570 and a 24-hour trading volume of $139,578,000.

Why the Significant Price Drop

According to the data above, there has been a sharp drop in the price of Bitcoin and other digital currencies alike. The most likely reason is the recent hacking of the South Korean-based cryptocurrency exchange Coinrail. It is estimated that about $40 million in virtual currency was lost during the attack. Prior to this, another South Korea cryptocurrency exchange platform known as Bithumb had also been hacked, losing about $31.5 million in cryptocurrency. South Korea is a major cryptocurrency trading region, the hack attacks may have caused panic among cryptocurrency holders leading to the slight drop in prices of all cryptocurrencies.

Conclusion

The prices of cryptocurrencies have experienced a slight drop. However, this is not alarming as the prices of cryptocurrencies are volatile and tend to shift back and forth rapidly. Therefore, despite the low prices, investors should not let their efforts to invest in cryptocurrency be dampened. In fact, we expect the prices to be on the rise again soon as we head into the third quarter of 2018. We encourage you to take a look at our blockchain and gold-based products on our main website. Be sure to check out our gold price-backed token, the DinarCoin, which combines the speed and flexibility of cryptocurrency and the value and investing aspects of gold.